New World Buys into Chile

Canada’s New World Resource has taken an option to acquire up to a 100% interest in the 1,660 hectare La Negra lead-zinc-silver project, in central Chile. Through the deal with Inversiones Y Minería Andalé, a Chilean firm, New World has the right to acquire an undivided 80% interest by spending $1m on exploration, paying $600,000 and issuing 550,000 shares, over three years. It can acquire the remaining 20% interest in the project by paying Andalé an additional $250,000 and issuing to it an additional 250,000 shares. The agreement is pending TSX Venture Exchange approval. The project is located approximately 350km north of Santiago. New World president John Lando says that in Bolivia, the firm continues advanced discussions for the acquisition of a substantial land package surrounding the Lipeña project. It is hoping to start exploration there after doing a deal with state mining company Comibol.